Following regulatory approval in April, this deal’s closing marks a major shake-up in the investment space, leading to the merger of UnionBank’s trust arm with ATRAM’s to form the country’s fourth-largest private asset manager.
The deal was first reported by InsiderPH in October last year.
The combined entity will oversee more than P485 billion in assets, strengthening ATRAM’s position after it absorbed Pru Life UK’s local fund business in 2023 and the Ty family’s First Metro Asset Management Corp. last year.
Under the agreement, ATRAM takes full control of UnionBank’s trust unit, while UnionBank secures a long-term seat at the table by investing in ATRAM’s parent company.
“This milestone marks a pivotal step for UnionBank as we combine our digital leadership with ATRAM’s investment expertise to create smarter, more accessible wealth solutions for Filipinos,” said Ana Maria Aboitiz Delgado, UnionBank president and CEO.
Together, the two firms aim to make investing easier and more accessible by blending ATRAM’s experience managing money with UnionBank’s broad customer reach and digital tools.
“With UnionBank, we’re powering next-generation world-class digital investment solutions that grow client wealth,” said ATRAM Group CEO Michael V. Ferrer.
